Soyoil futures ended lower, backpedaling from earlier gains on spillover pressure from a late drop in soybean futures. The market was initially buoyed by strength in energies and news of a 40,000 ton sale of U.S. soyoil to China, analysts said. However, without the support of soybeans coupled with ample world supplies, futures failed to hold the gains into the close. December soyoil settled 0.18 cents or 0.5% lower at 36.69 cents per pound.(Source: CME)
Palm extends drop, stays at 7-½ month low
JAKARTA, July 6 (Reuters) - Malaysian crude palm oil fell for a third straight day as concerns over demand and an absence of new leads to trade kept the market at a seven-and-a-half-month low since last Friday.
"There is no strong fundamental factor to support the market. Crude oil is weak, so everything looks gloomy," said a trader with a foreign brokerage in Kuala Lumpur.
Rains delay end of Argentine soy harvest - govt
BUENOS AIRES, July 5 (Reuters) - Rains in Argentina's soy-producing areas delayed the last stage of the crop's 2009/2010 harvest, which is set to reach a record 54 million tonnes, the Agriculture Ministry said in its latest report.
The South American country is the world's top exporter of soymeal and soyoil and the No. 3 supplier of the grain.
Monsanto settles Argentine soy import case
BRUSSELS, July 5 (Reuters) - Monsanto has withdrawn a legal complaint against European importers of processed soybean meal from Argentina, which the company had claimed breached the EU patent on its Roundup Ready soybean seeds.
Monsanto -- the world's largest seed company -- settled its case against Dutch importer Cefetra and commodities traders Alfred C. Toepfer International, shortly before a European Court of Justice (ECJ) judgement in the case was due on July 6.
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